ReFuels raises outlook on surging Bio-CNG demand

ReFuels, one of Europe’s leading suppliers of renewable biomethane (Bio-CNG) for the decarbonisation of heavy goods vehicles, reported strong fiscal second-quarter and first-half 2026 results for the period ending 30 September 2025.
The company delivered record volumes across its CNG Fuels station network, sharply higher earnings and an upgraded full-year outlook, while confirming it is considering an uplisting or dual listing in 2026.
Dispensed biomethane volumes rose 15 per cent year on year, driven by increased adoption from fleet operators and the first introduction of 6×2 CNG trucks into UK operations.
CNG Fuels generated EBITDA of GBP 2.9 million for the quarter, up 190 per cent on the same period last year, reflecting both stronger utilisation and continuing demand growth as operators shift away from diesel.
ReFuels has raised its full-year FY2026 EBITDA expectation to between GBP 10 million and GBP 12 million, up from the previous range of GBP 8 million to GBP 10 million.
Management said the improved outlook is supported by growing operational cash flow and continued expansion of its refuelling network.
Three new high-capacity stations are scheduled for completion in 2026, funded through internal cash generation and a GBP 25 million debt facility.
The company expects the additional capacity to support further fleet migration to Bio-CNG and strengthen future cash generation.
ReFuels also confirmed it is evaluating an uplisting from Euronext Growth Oslo or a dual listing during 2026, aiming to broaden its investor base, enhance liquidity and support its long-term growth strategy as a cash-generating clean-fuel platform.
Chief executive and co-founder Philip Fjeld said biomethane remains the strongest near-term solution for decarbonising long-haul transport.
He added that rising demand, improving profitability and continued station build-out position the company to deliver sustained returns, while a potential listing move in 2026 could further support ReFuels’ next phase of growth.